Erdogan confirms that Turkey will pay for Russian gas in rubles

The Turkish President Recep Tayyip Erdogan confirmed that Russian gas deliveries to Turkey they will be paid in rubles, Turkish media reported this Saturday.

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Erdoğan met on Friday with his Russian counterpart Vladimir Putin in Sochi, a city located on the banks of the Black Seawhere both leaders agreed that deliveries of Russian gas to Turkey will be paid “partially in rubles”according to the Russian deputy prime minister, Alexander Novack.

“A positive aspect of our visit to sochi it is our agreement with Putin on the ruble. God willing, our exchanges in rubles will provide benefits to Turkey and Russiathe Turkish head of state told reporters during his flight back from Russia.

The volume of future transactions in rubles was not specified.

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Russia has been seeking for months to impose its currency on international level against the euro and the dollardue to the restrictions by Western sanctions adopted after the war in Ukraine.

Turkey condemned the Russian offensive, but opted for neutrality and did not join the sanctions against Russia.

Paying for Russian gas in rubles would allow Turkey preserve their currency reserves in dollars. According to economists, the government has spent dozens of millions of dollars last year to try to stem the collapse of the Turkish lira, which lost nearly half its value in a year.

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In 2021, a quarter of oil imports from Turkey and 45% of natural gas purchases came from Russia.

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